The Indianapolis journal., 1887-05-18
CONTROL OF THE SILVER MARKET.
An Effort to Transfer It to This Country,
with Speculation as a Side Attraction.

NEW YORK, May 1.-THE Commercial Adver-
tser says an organization is being effected
among certain capitalists of this city to trade in
silver bullion certificates grain and cotton GER
tifcates are dealt in. The head center of the
organization will be the new Western National
Bank, of which ex-Secretary of the Treasury
Manning and ex-Treasurer Jordan the
founders Mr.. Manning and his asso-
cates have planned to make New York
the chief seat of the silver bullion trade, and
will thus seek to transfer the control of the sill
yer market from London to New York. Their
plan of operation is to have silver bullion in
large quantities deposited with the Western
National Bank or elsewhere, issue certificates
against the bullion SO deposited, and have these
certificates traded in very much grain certifi-
Gates in Chicago, stock certificates
here. To accomplish that however. it will be
necessary to secure the cooperation of the gov
ernors of the Stock Exchange in order
silver certificates on the Exchange
If that can be done. the plan will be carried out.
and transactions in silver certificates will be-
come marked a feature of the Stock Exchange
business trading in gold in the days of green
back depreciation. Perhaps it may even come
to pass that there will be silver-room, there
was once gold-room, and, in any case the trad
ing here will be the controlling force in the
silver market, precisely the sale of India
council bills on London is now the controlling
force.
Conrad N. Jordan, vice president of the bank.
was asked to-day if such scheme was on foot.
At first. Mr. Jordan seemed utterly obivious of
it's existence, but the production of further facts
convinced him that he did know something
about it. Said he: "Such scheme is on foot,
but not with exclusively. There num-
ber of men getting this idea into shape.
but it will be ready to- be made
public for several weeks yet II
injure the scheme very much. The Western
National Bank will not speculate in
silver. We shall never buy ounce. II any
thing suggesting a speculative purpose the
part of the bank is published, I shall publicly
disavow the whole thing. We willing and
ready to issue certificates for silver, or, rather.
act as a registrars organization, but we shall
not do anything else, for propose to do only
a legitimate banking business. London now
controls the silver market of the world. IT this
scheme goes through. as it surely will. that con-
trolling power will be in this city. This, you
will readily observe. will be a great thing for
us. Instead of our being dependent upon Lon
depend upon u.s."
Mr.. Jordan said that his friends undoubtedly
proposed to speculate in silver, but the bank
would not do in any way. Mr.. Jordan con.
tinued, 1.-THE organization of the scheme has
far progressed that the form of certificate is now
in about two weeks. have been called an en-
emy of silver but am not But the silve,
dollar never be dollar. HIsf
all bosh would have nj
dollars; silver is not used enough. Every silver
dollar coined shows the disuse of silver. Ishoult
only have halves ten-cent pieces, ETC., each te
weigh in proportion to an amount equal to
dollar. If the government persists in it's presenf
ruinous policy, there is no telling where things
will end. America is the largest silver-produc
ing country, and it is our idea to get control OF
our own market and that of South America